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[Funding roundup] FitBudd, Workruit, and others raise early-stage funds

Here are the startups that announced early-stage rounds of funding on October 17, 2022.

[Funding roundup] FitBudd, Workruit, and others raise early-stage funds

Monday October 17, 2022 , 3 min Read

FitBudd raises $3.4M in seed funding

Health and fitness SaaS platform FitBudd said it raised $3.4 million in a seed funding round from Accel India, BEENEXT, Sequoia Capital India, and Waveform Ventures.

The startup will use the funds to fuel product development, accelerate client growth, and disrupt the global health and fitness industry with its powerful and innovative product.

“There is a clear shift in the $47 billion fitness and wellness industry of solopreneurs breaking away from institutions and building their own digital and hybrid businesses. Fitbudd is accelerating the success of these solopreneurs while providing personalisation at scale for end-users,” said Manasi Shah, Investor and Vice-President at Accel.

Established in 2021, FitBudd is the brainchild of three IIT graduates - Saumya Mittal, Pranav Chaturvedi, and Naman Singhal.

Workruit secures pre-Series A funding of $500,000

HRTech firm Workruit raised over $500,000 in pre-Series A round led by the US-based family office of Kantamaneni.

The company will use the capital to scale the product, expand its operations, and focus on customer acquisition. As part of its expansion plans, Workruit aims to extend its recruitment platform in the US markets by Q1 2023 with the support of its strategic investor.

“Workruit is developing a distinctively powerful and personalised career platform that is tech-first and candidate-first, beginning with an automated resume offering. We are thrilled to be collaborating with Workruit as they transform the hiring market,” said Sreenivasarao Lavu of Kantamaneni Family Office

The startup provides a suite of B2B and B2C solutions, including an AI-powered resume builder and a job search and recruitment platform. With its flagship product, Workruit Resume Builder, the platform aims to empower job seekers to achieve their career goals and make their next career move.

Progcap raises Series C round from Beams Fintech Fund, others

Progcap raised an undisclosed sum in its Series C funding round led by Beams FinTech Fund, alongside Google, Creations Investments, Tiger Global, and Sequoia Capital.

Investors, including growX ventures, CIBIL chairman MV Nair, Freecharge Co-founder Sandeep Tandon, 9Unicorns, and ZNL Growth, also participated in the round.

“Supply chain is a deep problem in India with a credit gap of more than $300 billion, and SME/MSMEs require access to capital through innovative financing solutions. We are excited to work with Pallavi and Himanshu on building the future of supply chain finance and payments in India,” said Sagar Agarvwal, Managing Partner and Co-founder of Beams.

Progcap was founded in 2017 by Pallavi Shrivastava and Himanshu Chandra, supply chain finance company Progcap bridges the gap between distributors and retailers through specialised finance, payments, and technology.

Marketplace startup OhLocal raises undisclosed pre-seed funding

Online-to-offline marketplace startup OhLocal raised an undisclosed pre-seed round for the second time from multiple investors, including Sunil Kumar Singhvi (JITO Angel Network), Harish Menon (Co-founder of Alpha Wealth Management), Puneet Verma (Partner at Aquilo LLP), and Sahil Goel (MiH Ventures).

The startup will use the funds to tie up with 10,000 more retailers and local sellers across India. Last year, OhLocal raised its first pre-seed round led by India Accelerator, which it used for onboarding sellers. 

At present, OhLocal boasts of nearly 800 sellers across five cities. It generates a business of Rs 5.2 crore for them by running over 2,000 ads on its platform. The Gurugram startup plans to add five more cities in the next 10 months. 

OhLocal is also foraying into a subscription model for sellers and hiring senior-level people in management roles.

(The story will be updated with the latest news throughout the day.)

Edited by Suman Singh